Korab Resources Ltd. and its subsidiaries are advised that Exploration Licence EL29550 (the Tenement) has been renewed until 31 July 2024 and is eligible for further renewals. EL29550 covers 172 square kilometres and forms part of the Batchelor Project (the Project) located some 70km south of Darwin, near the regional town of Batchelor. Majority of the Batchelor Project is underlain by the Burrell Creek Formation (part of the Finnis River Group) which hosts lithium mineralisation within nearby tenements owned or operated by Core Lithium, Ragusa Minerals, and Lithium Plus Minerals.

At the nearby Litchfield Pegmatite Belt, and the Finniss Lithium Project, lithium-bearing pegmatites are found within the same Burrell Creek Formation adjacent to and within aureole of I-type and S-type granites as the source of LTC pegmatites. The geological setting of the Tenement (and the greater Batchelor Project) is broadly similar. The Project is proximal to I-type and S-type granites as the source of LTC pegmatites and the Northern Territory Geological Survey (NTGS) database reports lithium-rich rock chips and whole rocks proximal to the I-type and S-type granites and the Batchelor Project.

Furthermore, NTGS database confirms presence of pegmatites and carbonatite rocks (including monazite) at numerous locations within the Tenement and elsewhere within the Batchelor Project. Given the potential of the Batchelor Project to host lithium and rare earth oxides mineralisation, Korab Group commenced review of the exploration data from own historical exploration programs covering the Tenement and the greater Batchelor Project (comprising approximately 70,000 samples of drill chips, rock chips, whole rocks, and soils), as well as various closed file reports, and open file reports. Korab Group is using the review of the nearby Litchfield Lithium Project completed by Ragusa Minerals and reported to the ASX on 11 August 2022 as a "template" for Korab's own review of the lithium prospectivity of the Batchelor Project.

Results of the lithium and REO review of the Batchelor Project will be reported progressively as they become available. Any lithium or REO drill targets generated as a result of this review will be incorporated into the updated MMP for Drilling currently being finalised by Korab. This MMP for Drilling will target lithium, REO, and magnesium mineralisation.

The upcoming drilling program will also follow-up several nickel, cobalt and precious metals anomalies discovered by Korab during drilling programs completed and reported to the ASX in prior years.